Chase will not cash U.S. savings bonds for you, but you have other straightforward options

Chase Bank does not cash U.S. savings bonds — not Series EE, Series I, or any other type. Chase is a commercial bank, and the Treasury Department does not authorize commercial banks to redeem savings bonds. If you hold a paper bond or have one registered in your name, you will need to go through the Treasury or a bank that has been designated as a bond-paying agent.

The good news is that cashing a savings bond is not complicated, and the process takes only a few days to a few weeks depending on which route you choose. You have three main paths: the Treasury Department directly, a bank that acts as a bond-paying agent, or a financial institution where you hold an account and that has agreed to cash bonds for its customers.

Key Takeaways

  • Chase Bank does not redeem U.S. savings bonds, even if you are a Chase customer.
  • You can cash bonds through the U.S. Treasury's TreasuryDirect website, by mail, or in person at a Federal Reserve Bank.
  • Some banks other than Chase — including Bank of America, Wells Fargo, and certain credit unions — act as bond-paying agents and will cash bonds for customers.
  • If you have a paper bond, you will need to provide proof of identity and ownership before any institution will redeem it.
  • Bonds held in a TreasuryDirect account can be redeemed online in minutes; paper bonds take longer because they must be verified.

How to cash a bond through TreasuryDirect

If your savings bond is registered in a TreasuryDirect account — the Treasury's online platform — you can redeem it yourself without visiting a bank at all. Log into your TreasuryDirect account, select the bond you want to cash, and request redemption. The money will be deposited into the bank account you have linked to TreasuryDirect, usually within one business day.

TreasuryDirect redemption is the fastest route if you already have an account. You do not need to visit a physical location, and there are no forms to mail. If you do not yet have a TreasuryDirect account but own bonds registered there, you can create one using your Social Security number and a valid government ID.

Cashing paper savings bonds at a bank that pays them

If you hold a physical paper bond, you will need a bank that has been designated as a bond-paying agent by the Treasury. Not all banks do this work. Banks that commonly cash savings bonds for customers include Bank of America, Wells Fargo, and many credit unions. Call your bank's customer service line and ask whether they redeem U.S. savings bonds; if they do, ask what documents you need to bring.

You will typically need to bring the bond itself, a government-issued photo ID, and proof that you are the registered owner (or proof of your authority to redeem the bond on behalf of the owner, if you are acting as a guardian or executor). Some banks will cash the bond on the spot; others may require a few business days to process the redemption and deposit the funds into your account.

Redeeming bonds through the Federal Reserve

You can also redeem a paper savings bond in person at any Federal Reserve Bank. There are twelve Federal Reserve Banks across the United States, located in major cities including New York, Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. You will need to visit the bank's main office during business hours.

Bring your bond, a government-issued photo ID, and proof of ownership. The Federal Reserve will verify the bond and pay you on the spot, usually by check or direct deposit to your bank account if you provide banking information. This route works well if you live near a Federal Reserve Bank, but it is not practical for most people because Federal Reserve offices are not as widely available as commercial banks.

Mailing bonds to the Treasury for redemption

You can also mail your paper bond directly to the Treasury Department. Send the bond, a completed FS Form 1522 (the form for redeeming savings bonds), a copy of your government-issued ID, and a letter stating that you want to redeem the bond. Mail everything to the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328.

Processing by mail takes longer — typically four to six weeks — because the Treasury must verify the bond and your identity before sending payment. You will receive a check by mail. This route is slower but works if you cannot visit a bank or Federal Reserve office in person.

What happens if your bond has matured or stopped earning interest

Savings bonds stop earning interest after a certain number of years. Series EE bonds stop earning after 30 years; Series I bonds stop earning after 30 years as well. You can still redeem a matured bond at any time, but you will not earn any additional interest after the final maturity date. There is no penalty for redeeming a bond after it has matured.

If you are redeeming a bond before it reaches final maturity, you may face a penalty. Most savings bonds require you to hold them for at least one year before redemption. If you redeem before five years have passed, you will lose the last three months of interest. After five years, you can redeem without penalty. Check the specific terms of your bond to confirm the early redemption rules.

Tax reporting when you redeem a savings bond

When you redeem a savings bond, you owe federal income tax on the interest you earned. The amount of interest depends on how long you held the bond and the bond's series. You do not owe tax on the principal — only on the earnings.

The institution that redeems your bond will not automatically report the interest to the IRS or send you a tax form. You are responsible for reporting the interest on your tax return. Keep records of the bond's purchase price and redemption amount so you can calculate the interest correctly. If you have questions about how to report the interest, consult a tax professional or the IRS website.

Frequently Asked Questions

Can I cash a savings bond at any Chase branch?

No. Chase does not redeem U.S. savings bonds at any of its branches. You will need to use TreasuryDirect, another bank that acts as a bond-paying agent, a Federal Reserve Bank, or mail the bond to the Treasury.

What if I lost my paper savings bond?

Contact the Treasury Department immediately. You can file a claim for a lost or stolen bond by submitting FS Form 1048 and proof of ownership. The Treasury will investigate and may issue a replacement bond or payment, but the process takes several months.

Do I need to be a customer of the bank to have it cash my bond?

Most banks that cash savings bonds will do so for customers only. If you are not a customer, ask whether they make exceptions or whether they can refer you to another bank that will cash bonds for non-customers. Some credit unions are more flexible about this.

How long does it take to get my money after I redeem a bond?

TreasuryDirect deposits usually arrive within one business day. Bank redemptions typically take one to three business days. Federal Reserve redemptions happen on the spot. Mail-in redemptions to the Treasury take four to six weeks.

Can I redeem someone else's savings bond?

Only if you are the registered co-owner, the named beneficiary, or a legal representative such as a guardian or executor. You will need to provide documentation of your authority. The institution redeeming the bond will ask for proof.